Chap. 175.—An ACT to amend and re-enact section 32a of the charter of the
city of Portsmouth, approved March 13, 1912, as amended by an act ap-
proved February 23, 1918, in reference to the issue of bonds. [H B 71]

Approved March 14, 1928

1. Be it enacted by the general assembly of Virginia, That section
thirty-two-a of the charter of the city of Portsmouth, approved March
thirteenth, nineteen hundred and twelve, as amended by an act approved
February twenty-third, nineteen hundred and eighteen, in reference to
the issue of bonds, be amended and re-enacted so as to read as follows:

Section 32-a. The city council of the city of Portsmouth shall have
power and authority is hereby given to it, to issue, from time to time,
bonds or other interest bearing obligations for the purpose of borrow-
ing money to carry into effect the purposes and objects authorized by
the charter of said city; to build and equip school houses and for
other school purposes; provided, however, that no such bonds or other
interest-bearing obligations shall be issued except upon an ordinance
passed by a recorded affirmative vote of two-thirds of all the members
elected to the said council, setting forth the purpose for which the
said bonds or interest-bearing obligations are to be issued, the length
of time for which they are to be issued, which time shall not exceed
thirty years, and the rate of interest, which shall not exceed six per
centum per annum; and provided, further, that the total amount of
bonds issued, in the aggregate, shall not exceed eighteen per centum
of the assessed valuation of the real estate in the city subject to taxa-
tion, as shown by the last preceding assessment for taxes; and pro-
vided, further, that in determining the limitation of the power of the
city to incur indebtedness there shall not be included the following
classes of indebtedness:

(a) Certificates of indebtedness, revenue bonds, or other obliga-
tions issued in anticipation of the collection of the revenue of said city
for the then current year; provided, that such certificates, bonds, or
other obligations mature within one year from the date of their issue,
and be not past due, and do not exceed the revenue for such year.

Bonds authorized by an ordinance enacted in accordance with sec-
tion one hundred and twenty-seven-b of the Constitution of Virginia,
and approved by the affirmative vote of the majority of the qualified
voters of said city voting upon the question of their issuance, at the
general election next succeeding the enactment of the ordinance, or at
a special election held for that purpose for a supply of water or other
specific undertaking from which the city may derive a revenue; but
from and after a period, to be determined by the council, not exceeding
five years from the date of such election, whenever and for so long
as such undertaking fails to produce sufficient revenue to pay for cost
of operation and administration (including interest on bonds issued
therefor, and the cost of insurance against loss by injury to persons
or property), and an annual amount to be covered into a sinking fund
sufficient to pay, at or before maturity, all bonds issued on account of
said undertaking, all such bonds outstanding shall be included in de-
termining the limitation of the power to incur indebtedness, unless the
principal and interest thereof be made payable exclusively from the
receipts of the undertaking.